Bitcoin Due Gains After Record $24b Options Expiry Lifts 'lid' On...

Bitcoin price predictions include an initial $100,000 target after completion of the Boxing Day options expiry, worth a record $23.7 billion.

Bitcoin (BTC) frustrated traders on Christmas Eve as rangebound BTC price action contrasted with record highs in gold and silver.

Bitcoin plays a “waiting game” as bidders stay focused on precious metals.

A giant options expiry event should set the scene for BTC price upside, analysis says.

Gold coils after hitting $4,500 for the first time in history.

Data from TradingView showed BTC/USD clinging to $87,000 with the Christmas holidays around the corner.

These were tipped to provide volatility of their own — especially with a record options expiry event due Friday.

“Historically, BTC has tended to experience 5 to 7% swings during the Christmas period, a pattern often linked to year-end options expiries rather than fresh fundamental catalysts,” trading company QCP Capital commented in its latest US Color market update.

QCP noted that the expiry constituted over half of open interest on major exchange Deribit, with the “max pain” level at $95,000.

“A clearer picture of downside positioning should emerge after Friday’s options expiry, particularly whether the large December 85k Puts are rolled forward, closed out, or replaced further down the curve,” it added.

Source: CoinTelegraph